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Weekly Round Up

LLOYDS Banking Group has given TSB a £450m dowry ahead of the planned £1.5bn flotation of the bank this month, according to the Sunday Telegraph.

The paper reported that Lloyds has said it will pay up to £450m of integration costs if TSB decides to change the technology platform it will inherit from the group or it is taken over.

The dowry covers the costs Lloyds would have had to spend on a new IT system for TSB, which will operate 631 branches the group was required to offload by EU regulators.

The Sunday Telegraph also reckons Lloyds Banking Group may face a legal action regarding the planned trade sale of the branches, which ended in April last year when the Co-operative Group shelved a £750m bid to buy them.

It said activist investor Crystal Amber wants NBNK, which wanted to buy the branches, to sue Lloyds.

Bridgestone, the Japanese tyre maker, plans to buy around 500 garages in the UK as part of a plan to take on the Kwik Fit business, which was launched in ­Scotland, the Sunday ­Telegraph reported.

Roadside assistance giant RAC is planning a flotation that could value the business at £2bn, according to the Sunday Times.

Carlyle, the US private equity giant, is thought to be ready to sell RAC three years after buying the business from insurer Aviva.

German-owned Bentley and Rolls-Royce have seen sales boom amid strong demand for prestige marques, the Mail on Sunday reported. Bentley, owned by Volkswagen, made £181m profit in 2013 compared with £108m in the preceding year. It sold 10,120 cars. Rolls-Royce, owned by BMW, sold a record 3630 cars.

The paper said super­market giant Tesco plans to start selling products from the House of Fraser department store business on its website. The deal will help extend Tesco's product reach and House of Fraser's customer base.

The Sunday Herald reported that Eribe, the Borders-based knitwear designer, will mount a push for sales in South Korea and Denmark.

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